>It's almost impossible to put a "price" on what is right or wrong when talking about salaries.<
I guess my angle in this was not to try and set a universal pay scale for all professions, but rather to hopefully come to a consensus that poor pay scales for teachers will never attract top quality talent... so exactly the supply / demand / price issue you suggest.
In other words, if we concede that the training to become a practicing MD is arduous and grueling, would there be as many people willing to do it if the salaries were 50-75K per year? My bet is no.
So if we transfer this argument to K12 teaching, how do we hope to attract premium talent into this vital aspect of society without providing any financial incentive?
My additional bet is that if we improve K12 education by increasing the financial incentive to teachers (and therefore competition), then we have a chance of improving the education system* which will have a positive impact in the intermediate to long term for the overall health of society. Healthier society means reduced health costs (duh).
* There is actually a strong, negative relationship between a mother's level of education and the risk of obesity for their child. It is an observation that has been reproduced multiple times.
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